Gatehouse Bank Plc

United KingdomUnited Kingdom(AA)

Deposit amount: Min. £1,000 – Max. £85,000

Protection limit: Up to £85,000 payout in GBP

Sharia account

logo of Gatehouse Bank Plc

Account information

Rate
Duration
Deposit Guarantee
Product Type

Rate

4.60% AER

Duration

6 months

Deposit Guarantee

£85,000

Deposit Guarantee logo

Product Type

Fixed Term

Product Type

Fixed Term
Account Name

Gatehouse Bank Plc : 6 months Fixed Term Deposit

What is the profit rate?

4.60% AER (Paid as 4.55% Gross)

(this savings account offers expected profit rather than interest as it follows Shariah principles). AER is the Annual Equivalent Rate and represents what the expected profit rate would be if profit was realised and paid once each year. Profit is calculated daily and paid annually back to your Raisin UK account. Profit will be paid gross without prior deduction of tax. It is your responsibility to declare and pay any tax on Profit in the appropriate tax year.

Can Gatehouse change the expected profit rate?

The rate applicable to your savings account is fixed once your application is approved and you fund your account. The rate will stay the same throughout the duration of the fixed term. Should the bank amend the rate advertised before you have fully transferred the funds and the rate is lower than the rate you originally ordered, we will automatically cancel your order. We will contact you if this occurs. Expected Profit Rate In the unlikely event that the advertised expected profit rate will not be met, (after you have opened your savings account), Raisin will contact you advising of the new expected profit rate. You will then have the option to accept the new expected profit rate or terminate your deposit immediately upon which Gatehouse Bank will return to you the original deposit with the accrued profit up to that date. ‘Make Good’ Offer If your deposit amount returns a loss, Gatehouse Bank shall make good the amount of any shortfall that you may have suffered. You shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited. You are entitled to refuse this offer and can do so by emailing service@raisin.co.uk with the email title ‘Make Good Opt Out’. If you accept this offer, you shall therefore be entitled to receive payment from Gatehouse Bank of the full amount that you had previously deposited with Gatehouse Bank. We would like to draw your attention to the guidance offered by the Gatehouse Bank Shariah Supervisory Board. The guidance is that if Gatehouse Bank needs to make good the amount of any shortfall (set out above), this will not comply with Shariah principles.

What would the estimated balance be after 6 months based on a £1,000 deposit?

The estimated balance after 6 months on a deposit of £1,000 is £1,022.75. This projection is for illustrative purposes only and does not take into account individual circumstances.

How do I open and manage my account?

To open this savings account, you must apply online through Raisin UK. Savings accounts at Raisin UK are only available through this online application process, and to be eligible to apply, you must:

Be a UK resident who is aged 18 or over

● Hold a UK bank or building society account from which you will fund your application

● Have a valid mobile phone number and email address

● Have a UK National Insurance Number

Your application acceptance will be subject to the successful completion of Anti-Money Laundering/Know Your Customer (AML/KYC) checks.

The minimum amount you can deposit is £1000.00, and the maximum amount you can deposit is £85000 (per product and banking institution).

You can manage your savings account through Raisin UK by logging into your Raisin UK Account. You can contact Raisin UK by telephone, by email or in writing by using the contact details provided in the Raisin UK Terms & Conditions.

Please ensure you have read all sets of Terms and Conditions (Gatehouse Bank Plc Term Deposit Conditions, Raisin UK Terms & Conditions and Meteor Asset Management Raisin UK Deposit Terms and Conditions) before applying for this product. If you have any queries relating to any of the Terms and Conditions, please contact Raisin UK through your Raisin UK Account.

Can I withdraw money?

Because this savings account is a fixed term deposit, withdrawals are not permitted before the maturity date, except if an account holder dies or becomes bankrupt. This savings account does NOT operate on the basis that you can end the fixed term of your savings account prematurely and pay a fee to withdraw your funds sooner.

Your savings account will not automatically renew at the end of the fixed term for a further fixed term. At the end of the fixed term, unless you elect to renew your savings account with us, we will credit the profit that has accrued into your Raisin UK Account.

Additional Information

Meteor Asset Management (MAM), with their administration arm Meteor Investment Management (MIM), will administer the deposit on your behalf.

Funds will appear in MIM’s account by the following business day from funding your application at the latest. Funds will be remitted to Gatehouse Bank Plc by MIM on the next business day after arriving in the MIM account. It can therefore take up to 2 business days for an ordered product to be set up and start earning profit.

All cash in transit and deposits once established, will be held by MIM and MAM in trust for you under FCA client money and asset rules. Please see the Meteor Asset Management Raisin UK Deposit Terms and Conditions for further details.

Shari’a banking, also known as Islamic banking, covers any financial activity that complies with Shari’a principles, reflecting the belief that exploitative gains, such as earning interest on money, are prohibited. Subsequently, Shari’a savings accounts use the money from deposits to invest and generate a profit, rather than an interest rate. There are no restrictions on who can apply for a Shari’a savings account.

Bank Details

Gatehouse Bank, formerly Milestone Savings, is a new ethical Sharia-compliant challenger bank that was authorised by the Financial Conduct Authority and the Prudential Regulation Authority. Gatehouse Bank adheres to a strict ethical code of Sharia banking principles, and subsequently, they won’t invest in gambling, alcohol, tobacco or arms. Instead, they support projects with less ethical concerns, such as property and real estate projects across the UK. The principles of Sharia banking prohibit excessive uncertainty, gambling and speculation, and as the Financial Services Compensation Scheme protects savings products offered by Gatehouse Bank, you can rest assured that your capital is secure.

Security & Deposit Protection

The FSCS is the United Kingdom's statutory deposit guarantee scheme that covers deposits in individual savings accounts up to £85,000, per banking group regulated by the Financial Conduct Authority or the Prudential Regulation Authority. It is available for deposits with most UK high-street and online banks and means if the bank fails, and deposits become unavailable, the scheme may cover your deposit account deposit up to the £85,000 per person, per banking group limit. Compensation limits are per person per firm, not per deposit. Be aware that if you have other deposits with this bank (or banking group) then the £85,000 protection applies only to eligible deposits up to this limit.

Who is Raisin?

We are the UK savings marketplace for Raisin, one of Europe’s most successful technology-led financial services companies. We connect you with a range of banks and building societies offering deposit-protected savings accounts with competitive interest rates, making it easier for you to grow your money. Using our savings marketplace is simple. By registering for a Raisin UK Account, you'll only ever need to fill in one application form. Then you can browse, apply for and fund a range of savings accounts, and manage everything under one roof. No paperwork or endless passwords to remember - just a free, easy way to grow your savings.